Returns (as of 3/31/2013)

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than the original cost. For standardized returns year-to-date and as of the most recent calendar quarter-end, see performance Returns include the reinvestment of dividends and capital gains.

Returns include the reinvestment of dividends and capital gains.

All data, unless otherwise noted, is as of 3/31/2013 and for Investor Class Shares only and is subject to change.

Index/Benchmark

Bank of New York Emerging Markets 50 ADR Index

The Index (Bloomberg symbol: BKTEM) is a free float-adjusted capitalization-weighted index. The Index is designed to track the performance of a basket of companies who have their primary equity listing on a stock exchange of an emerging market country and who also have depositary receipts that trade on a U.S. exchange or on The NASDAQ Stock Market. The Index currently consists of the following emerging market countries: Brazil, Korea, Mexico, Taiwan, China, South Africa, India, Israel, Russia, Indonesia and Argentina. It is not possible to invest directly in an index.

Index as of 3/31/2013

International investments may involve risk from unfavorable fluctuations in currency values, differences in generally accepted accounting principles, and from economic or political instability.International investments may involve risk from unfavorable fluctuations in currency values, differences in generally accepted accounting principles, and from economic or political instability.

In emerging markets, all these risks are heightened, and lower trading volumes may occur.